question

A "Product" should be thought of as potential customer satisfaction or benefits.

answer

True

question

When comparing two similar products, the product with the most features is the higher quality product.

answer

False

question

The market introduction stage of the product life cycle is usually marked by losses, as money is being invested in the hope of future profits.

answer

True

question

Market introduction, market growth, market maturity, and sales decline are the four stages of the product life cycle.

answer

True

question

It is always in the best interest of the market pioneer for competitors to stay out of the market.

answer

False

question

Goods are intangible and services are tangible.

answer

False

question

It is usually more difficult to provide consistent quality for goods as opposed to services.

answer

False

question

Some firms are forced to use direct distribution when they can't find intermediaries willing to carry innovative, new products

answer

True

question

The risks and costs of failure in new-product development are minor when one considers the likely rewards.

answer

False

question

Place decisions make goods and services available in the right quantities and locations, when customers want term-24them.

answer

True

question

The most important reason to use indirect channels is if intermediaries can help serve customers better and at lower cost.

answer

True

question

In countries where physical distribution systems are inefficient, consumers face shortages of the products they need.

answer

True

question

Higher physical distribution service levels is not a source of differentiation.

answer

False

question

A channel of distribution is a series of firms or individuals participating in the flow of products from the producer to the consumer.

answer

True

question

Just-in-time delivery reduces storing and handling costs for business customers.

answer

True

question

Convenience food stores now compete with supermarkets, gas stations, and fast-food outlets.

answer

True

question

The product life cycle concept is concerned with planning foterm-33r product recycling to protect the environment.

answer

False

question

Department stores are larger stores that are organized into many separate departments and offer many product lines.

answer

True

question

With the Internet, even very small specialized firms can draw customers from all over the world.

answer

True

question

It's oversimplified to classify retailers and their strategies on the basis of a single characteristic-such as sales volume, services, product assortment, etc.

answer

True

question

Specialty shops are limited-line stores; they aim at a carefully defined target market with a unique product assortment, good service, and knowledgeable salespeople.

answer

True

question

Most physical distribution decisions involve trade-offs between costs, the customer service level, and sales.

answer

True

question

Internet retailers don't need to develop whole marketing strategies due to their self-service nature.

answer

False

question

For short distances and higher-value products, trucks may charge higher rates, but provide slower service.

answer

False

question

A trademark can be a word, but cannot be a symbol.

answer

False

question

The ____ ultimately determines a product's quality and value?

answer

Customer

question

The set of laptop computers sold by Dell is called a(n):

answer

product line

question

The primary purpose of branding is:

answer

to identify a product.

question

If a brand consistently delivers on a promise that purchasers consider important, those purchasers are likely to develop a _______ for the brand.

answer

Trust

question

_____ can help create brand recognition, but only _____ can create brand insistence.

answer

Advertising; satisfying experiences

question

The stage of the product life cycle characterized by informative promotion but little customer awareness of a product is:

answer

market introduction

question

Industry profits are largest in which of the following product life cycle stages?

answer

market growth

question

Competition is toughest in which of the following product life cycle stages?

answer

market maturity

question

Marketing managers should recognize that:

answer

firms that enter mature markets have to compete with established firms for declining industry profits.

question

During the sales decline stage

answer

new products replace the old.

question

Producers who consider handling the entire distribution job themselves may be especially inclined to do so because:

answer

a channel partner (intermediary) is not available or will not cooperate.

question

A company may be inclined to use both direct and indirect channels of distribution:

answer

When serving multiple target markets.

question

Dividing large quantities into smaller quantities as products get closer to the final market is called _____.

answer

bulk breaking

question

A manufacturer prefers to produce and ship in large quantities to take advantage of economies of scale. Final consumers often want to purchase in small quantities. This difference between the producer and consumer is a:

answer

Discrepancy of quantity

question

Marketers need to foster cooperation with various members of a channel system to prevent:

answer

channel conflict

question

Physical distribution differs from logistics in that

answer

physical distribution is another common name for logistics.

question

Which of the following questions is likely to be MOST important to a customer concerning a company's physical distribution practices?

answer

How dependably does the company deliver the product?

question

When planning physical distribution, the marketing manager should:

answer

minimize the cost of distribution for a given customer service level.

question

The "total cost approach" to physical distribution management:

answer

might suggest a high-cost transporting mode if storing costs could be reduced enough to lower total distribution costs.

question

Honda requires its brake suppliers to deliver parts to its production plants three hours before the parts are scheduled to be installed in a new car. This is an example of which logistics activity?

answer

JIT

question

A retailer's "Place" may include: (E)

answer

A. a physical store and/or an online store. B. store size and layout. C. number of stores. D. store hours. E. all of these are included in a retailer's "Place."

question

A good marketing manager for a retailer knows that:

answer

individual consumers have different economic and emotional needs.

question

When the manager of a local electronics store decides to offer its customers a gift-wrapping service for the holidays, this is a decision about:

answer

Product

question

Specialty shops:

answer

rely heavily on knowledgeable salesclerks.

question

Mass-merchandisers:

answer

are large, self-service stores which stress low price to get faster turnover.

question

A marketing information system (MIS) is an organized way of continually gathering, accessing, and analyzing information that marketing managers need to make ongoing decisions.

answer

True

question

In its raw form, marketing managers find data useful.

answer

False

question

An intranet works like the Internet but access is limited to a company's employees.

answer

True

question

Decision support systems that include marketing models help managers by showing the relationships among marketing variables.

answer

True

question

Identify the INCORRECT statement about marketing research.

answer

Most small companies have a separate marketing research department.

question

Regarding a marketing information system (MIS):

answer

Can be used to improve implementation and control.

question

Big data does not comes from which of the following sources? (E)

answer

A. spreadsheets B. social media sites C. clickstreams D. digital sensors on industrial equipment E. big data comes from all of these sources

question

An outside sales force can provide customers with up-to-date inventory levels, product prices, delivery dates, and so forth by accessing information on the firm's own:

answer

Intranet

question

The _____ is a decision-making approach that focuses on being objective and orderly in testing ideas before accepting them.

answer

scientific method

question

The function of marketing research is to develop and analyze new information to help marketing managers make better decisions.

answer

True

question

company objectives should shape the direction and operation of the whole business

answer

True

question

the marketing manager can control the variables in the market economy

answer

False

question

a firm may find that both the competitive and economic enviroments are better in a foreign market than it is in a domestic market

answer

True

question

marketers should be aware of federal legislation, as well as the state and local laws, when planning marketing strategy

answer

True

question

consumer products that are linked to cultural varibles tend to be lower risk when entering international markets

answer

False

question

A positioning analysis is a product-oriented approach.

answer

True

question

An attitude is a person's point of view about something, and usually involves liking or disliking.

answer

True

question

A firm's "relevant market for finding opportunities" should be bigger than the present product-market but not so large that it couldn't expand and still be an important competitor.

answer

True

question

It is possible for marketing managers to change or create new attitudes about goods and services-but overcoming negative attitudes is a really tough job.

answer

True

question

Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations.

answer

True

question

Effective market segmentation is a two-step process that starts with naming broad product-markets and then goes on to segmenting these broad product-markets into more homogeneous submarkets.

answer

True

question

Dependability of supply is usually much less important than price for most business customers.

answer

False

question

Customer satisfaction is the extent to which a firm fulfills a consumer's needs, desires, and expectations.

answer

True

question

The U.S. government reports data on the number of firms, sales volume, and number of employees by NAICS code.

answer

True

question

Marketing activities should begin with potential customer needs, not with the production process.

answer

True

question

"Economies of scale" means that as a company produces larger numbers of a particular product, the cost for each unit of the product goes down.

answer

True

question

Strategic planning is the managerial process of developing and maintaining a match between an organization's resources and its market opportunities.

answer

True

question

Marketing activities should be of no interest to a nonprofit organization

answer

False

question

White papers, case studies, blogs, and videos are all ways for a seller's website to provide a buyer with useful content

answer

True

question

A marketing plan is a written statement of a marketing strategy and the time-related details for carrying out the strategy.

answer

True

question

Most retail and wholesale buyers see themselves as purchasing agents for their target customers.

answer

True

question

A target market consists of a group of consumers who are usually quite different.

answer

False

question

A channel of distribution is any series of firms or individuals that participate in the flow of products from producer to final user or consumer.

answer

True

question

Given the same income, consumers in different social classes will handle themselves and their money very differently.

answer

True

question

A straight rebuy is a routine repurchase that may have been made many times before.

answer

True

question

Many needs are culturally (or socially) learned.

answer

False

question

Mass marketing means focusing on some specific customers, as opposed to assuming that everyone is the same and will want whatever the firm offers.

answer

False

question

The qualifying dimensions help identify the "core benefits" that must be offered to everyone in a product- market.

answer

True

question

Discretionary income is the income from investments.

answer

False

question

Clustering techniques can be used in segmenting to help find similar patterns within sets of data-to identify homogeneous groups of people.

answer

True

question

When planning a marketing strategy , managers have control over:

answer

their responce to forces in the external market enviroment

question

overall company obectives should:

answer

be specific , focus on returning some profit to the business, be realistic and acheivable, be compatible with one another

question

when conducting a competitor analysis , it is important for managers to take the viewpoint of:

answer

targert customers

question

increased demand for new homes due to low interest rates is an example of the impact of the ________ enviroment

answer

economic

question

An emphasis on a single country's interest before everything else is known as

answer

nationalism

question

A ____ is a group of potential customers with similar needs who are willing to exchange something of value with sellers offering various goods or services.

answer

Market

question

In a generic market, (E)

answer

A. diverse types of products may compete for customers B. customers have broadly similar needs. C. there may be many ways to satisfy customers' needs. D. sellers may compete in different product-markets. E. All of these are correct for a generic market. Correct answer is E

question

Which of the following offers a firm the greatest potential for profit? (E)

answer

A. Mass marketing B. The multiple target market approach C. The combined target market approach D. The single target market approach E. Any of these-depending on the situation Correct answer is E.

question

When deciding how far to carry the segmenting process,

answer

profit should be the balancing point-determining how unique a marketing mix the firm can offer to some target market.

question

Planning marketing strategies for international markets:(D)

answer

A. is usually most effective when the marketing manager uses the same marketing strategy for all markets. B. is often easier than planning domestic strategies because economic, political, and other uncontrollable variables are less important. C. is "easy" because each country should be treated as one target market. D. None of these alternatives is true. Correct answer is D.

question

_____ are concerned with making the best use of a consumer's time and money-as the consumer judges it.

answer

Economic needs

question

______ needs are concerned with things that involve a person's interaction with others.

answer

Social

question

A marketing manager who wants to apply the "hierarchy of needs" model should keep in mind that:

answer

the same marketing mix might satisfy two or more levels of need.

question

The fact that our eyes and minds seek out and notice only information that interests us is called:

answer

selective exposure

question

The AIO items used in life-style analysis include:

answer

activities, interests, and opinions.

question

Buying specialists for organizations are commonly called:

answer

Purchasing managers

question

_____ are responsible for working with suppliers and arranging the terms of sale.

answer

Buyers

question

An office manager needs office supplies, so he fills out a form indicating what he needs and sends it to the purchasing department to be ordered. This form is usually called

answer

a requisition

question

occurs when an organization has a new need and the customer wants a great deal of information

answer

New-task buying

question

A formal rating of suppliers in all relevant areas of performance is best referred to as _____.

answer

Vendor analysis

question

Marketing

answer

affects almost every aspect of our daily lives.

question

The aim of marketing is to

answer

identify customers' needs and meet those needs so well that the product almost "sells itself."

question

Marketing will not happen unless

answer

two or more parties each have something they want to exchange for something else

question

Which of the following statements about marketing is FALSE?

answer

Marketing can help with individual transactions but not in building relationships with customers.

question

When a firm considers a triple bottom line as a measure of long-term success, this means that it measures outcomes in which of the following three different areas:

answer

economic success, social impact, and environmental impact.

question

The three basic tasks of ALL managers, according to the text, are:

answer

planning, implementation, and control.

question

A marketing strategy specifies:

answer

a target market and a related marketing mix.

question

The "four Ps" of a marketing mix are:

answer

Product, Place, Promotion, and Price

question

Any series of firms or individuals that participate in the flow of products from producer to final user or consumer is known as:

answer

a channel of distribution.

question

______ refers to personal communication between a seller and a customer who wants the seller to resolve a problem with a purchase.

answer

Customer service

question

The extent to which a firm fulfills a consumer's needs desires and expectations.

answer

Customer satisfaction

question

The development and spread of new ideas, goods, and services

answer

innovation

question

As a company produces larger numbers of a particular product, the cost of each unit of the product goes down

answer

Economies of scale

question

Looking for and evaluating goods and services

answer

Buying function

question

Promoting the product

answer

Selling function

question

Sorting productions according to size and quality

answer

Standardization and grading

question

Bearing the uncertainties that are part of the marketing processes

answer

Risk taking

question

Firms that provide one or more of the marketing functions other than buying or selling

answer

Collaborators

question

the way an economy organizes to use scarce resources to produce goods and services and distribute them for consumption by various people and groups in the society.

answer

Economic system

question

The idea that an organization should aim all its efforts at satisfying its customers at a profit

answer

Marketing concept

question

trying to carry out the marketing concept

answer

Marketing orientation

question

The difference between the benefits a customer sees from the marketing offering and the costs of obtaining those benefits

answer

Customer value

question

A Firm's obligation to improve its positive effects on society and reduce its negative effects

answer

Social responsibility

marketing 350 chapter 1-12 – Flashcards

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